"New York City is called the city that never sleeps for a reason. Nightlife is one of its largest economic engines for the city, generating tens of billions of dollars and hundreds of millions of dollars in tax revenue each year. But for all its world-class bars, clubs and theaters, one element has always been missing: a casino. That will soon change, as the city prepares to issue three new gaming licenses to prospective bidders, paving the way for the first casinos in NYC."
"There are 8 total bids for the three licenses. Just two of those bids would be located within the city. And only one of them is backed by Jay-Z. The idea for a Times Square casino didn't originate in a boardroom - it started courtside at a Nets game. That's where Jay-Z ran into Marc Holliday, chairman and CEO of SL Green Realty Corp., the real estate investment trust that owns 1515 Broadway, a building in the heart of Times Square slated for renovation."
"When Holliday floated the idea of a casino in collaboration with Caesars Palace, Jay's interest was immediately piqued. His entertainment company, Roc Nation, has experience in the gambling space, from operating a casino inside its Las Vegas 40/40 Club in 2008 to holding a partial stake in Fanatics Betting. He quickly looped in Roc Nation CEO Desiree Perez, who happened to be receiving an award alongside Holiday at the Gridiron Dinner later that week."
Nightlife generates tens of billions of dollars and hundreds of millions in tax revenue for New York City. The city has no casinos, but officials will issue three new gaming licenses, with eight total bids submitted. Two bids would be located inside the city and one is backed by Jay-Z. Jay-Z became involved after a courtside meeting with Marc Holliday of SL Green, owner of 1515 Broadway, where Holliday proposed a Times Square casino in partnership with Caesars Palace. Roc Nation has prior gambling experience, including a Las Vegas 40/40 Club casino in 2008 and a partial stake in Fanatics Betting. Desiree Perez emphasizes entertainment focus and a community component.
Read at Entrepreneur
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